Nittany Financial Corp.
116 East College Ave.
State College, PA 16801
Subject: 6 For 5 Stock Split
Contact: Samuel J. Malizia,
Chairman of the Board
David Z. Richards, Jr.
President & CEO
(814) 238-5724
Date: February 24, 2004
FOR IMMEDIATE RELEASE
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Nittany Financial Declares Stock Dividend
State College, Pennsylvania - Nittany Financial Corp. (OTC Stock Symbol: NTNY),
parent holding company of Nittany Bank, Nittany Asset Management Inc. and
Vantage Investment Advisors, LLC., announced that the Company's Board of
Directors has declared a six-for-five stock split, payable in the form of a 20%
stock dividend. The Company intends to effect the issuance of the 20% stock
dividend on the Company's outstanding common stock, payable on or about March
31, 2004, to stockholders of record as of March 10, 2004.
Samuel J. Malizia, Chairman of the Board of the Company, stated that, "The Board
of Directors is very pleased to issue a 20% stock dividend after issuing a
similar 20% stock dividend in the first quarter of 2003. We expect this dividend
to enhance long-term shareholder value." President and CEO David Richards added
that, "The Board of Directors firmly believes that the growth and profitability
of the Company has created a market value which justifies the payment of a stock
dividend."
As a result of the Board's action, the 1,603,960 outstanding shares of the
Company's common stock will increase by approximately 320,792 shares. As of
December 31, 2003, the Company has total assets, deposits and stockholders
equity of approximately $248 million, $220 million and $14.8 million,
respectively, in it's fifth full year of operation.
About Nittany Financial Corp.
Nittany Financial Corp. (OTC Ticker Symbol "NTNY") is the parent company for
Nittany Bank, a federally chartered financial institution headquartered and
operated solely in the State College market with $248 million in assets. Nittany
Bank began operations in October, 1998 and currently operates four offices with
55 employees. Nittany Bank offers a full range of financial services through its
four offices, five ATM's, telephone banking (814-231-1800) and transactional
internet banking site at www.NittanyBank.com . Deposits at Nittany Bank are
insured up to the legal maximum amount by the Federal Deposit Insurance
Corporation (FDIC).
The parent company, Nittany Financial Corp., also owns two investment
subsidiaries. Nittany Asset Management Inc. offers retail investment products
through the bank's four offices. Vantage Investment Advisors LLC., is a
Registered Investment Advisory firm providing fee based investment management
services. Vantage currently manages approximately $200 million in investments
for small business retirement plans and individuals.